Public Storage (NYSE:PSA) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its holdings in Public Storage (NYSE:PSA) by 7.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,713 shares of the real estate investment trust’s stock after selling 13,965 shares during the period. Envestnet Asset Management Inc. owned 0.10% of Public Storage worth $50,220,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quent Capital LLC grew its holdings in Public Storage by 135.1% in the 4th quarter. Quent Capital LLC now owns 87 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Synergy Asset Management LLC acquired a new position in shares of Public Storage during the 4th quarter valued at about $38,000. Millstone Evans Group LLC purchased a new stake in shares of Public Storage in the fourth quarter valued at about $38,000. Toth Financial Advisory Corp increased its position in Public Storage by 48.2% during the fourth quarter. Toth Financial Advisory Corp now owns 203 shares of the real estate investment trust’s stock worth $61,000 after purchasing an additional 66 shares during the last quarter. Finally, Parkworth Wealth Management Inc. purchased a new position in Public Storage during the fourth quarter worth about $67,000. 78.79% of the stock is owned by hedge funds and other institutional investors.

Public Storage Stock Down 1.4 %

Shares of NYSE PSA opened at $278.24 on Friday. Public Storage has a 12-month low of $256.31 and a 12-month high of $369.99. The stock has a market cap of $48.81 billion, a P/E ratio of 28.89, a PEG ratio of 4.91 and a beta of 0.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.77. The business’s fifty day simple moving average is $297.42 and its 200-day simple moving average is $314.46.

Public Storage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Thursday, March 13th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 4.31%. The ex-dividend date was Thursday, March 13th. Public Storage’s payout ratio is presently 112.89%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSA. Wells Fargo & Company dropped their price target on shares of Public Storage from $365.00 to $330.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Scotiabank upgraded Public Storage from a “sector perform” rating to a “sector outperform” rating and lowered their price objective for the stock from $333.00 to $305.00 in a research report on Wednesday. Royal Bank of Canada reduced their target price on Public Storage from $342.00 to $329.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Mizuho started coverage on Public Storage in a report on Wednesday. They set a “neutral” rating and a $287.00 price target for the company. Finally, Barclays restated an “overweight” rating and issued a $354.00 price objective (down from $361.00) on shares of Public Storage in a report on Wednesday, March 12th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $332.08.

Public Storage Company Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.